Market Recap 7/20

Hello everyone , and welcome to another daily recap by True Trade ! Today's recap will be a bit shorter , but take heed to some important levels given, especially for SPY , for the next coming days. So without further wait, let's get right into it.

(ALL TIME IS BASED ON PST)

(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds, you can trade the levels on an intraday basis !)

DAILY PLAYS

Off the open , the two main plays I was interested in was IBM , as it had just come off a fresh earnings report and the oher was SPY , due to it's overnight price action. Other than those two , my morning thesis from the start was look for some long trades, looking to take shorts into the close (which we did take , and will go over tomorrow if they do play out )

SPY , /ES

/ES - DAILY UNTIL 7/20 6 PM

The circled part of the above chart shows the overnight price action of /ES or the SPY futures from 7/19 . We were ranging between 4260 and 4275 before market open , with that 4260 area equating to the key daily 425.26 $SPY level.

1 MIN CHART

With spy opening around that key level , initial thoughts were look for a long on a hold over the zone. We moved back and forth for the first few minutes , but once we started to hold (grey circle) , a good trade setup was present , with stop at LOD , and 1st target at 427.5 (also the overnight /ES resistance zone). This one was a pretty quick one , hitting the first target in about 10 minutes and the runner continued to go, pushing higher for the majority of the day hitting just over 431 at HOD.

5 MIN CHART

The above chart just helps simply the strong up trend on the day , and where I decided to take my final long trades off before looking to take shorts . The man reason for shorts was we were getting back towards our initial breakdown zone from 7/16 and that we closed back under the gap. Sellers have shown life , but would like to see back under 430.4 to really be more interested in adding in shorts.

IBM

ONE MIN CHART

Initial thoughts off open , we were opening between 2 key daily levels , 144.5 and 141.2 , over 141.2 I liked longs. We had a quick move into support at open , didn't quite get there , but the double bounce and hold offered a long entry. I was busy with spy off open , so was a bit more patient getting into IBM. Once we started to hold 143 and vwap , took the long trade targeting 144 , which wwe got to quickly , 4 minutes from entry , a solid quick trade. 🚀

5 MIN CHART

Now apart from the morning long trade , there was a short trade available for those interested. A key level off the watchlist , once IBM started to reject under 144.5 , shorts could be taken with stop at HOD 145. We saw a step selloff after the morning bounce , brokeback under 143 and continued to fizzle out, heading $5 lower. If the initial short trade off 144.5 was missed , break back under vwap and 143 also gave an opportunity for another short trade with tight stop over.

A great example of being able to take both sides of a trade , when there is volatility, there is plentiful trade opportunities . You don't need to take them all, just take the setup your most comfortable with , but it never hurts to add new trick/trade setups to your trading bag 😱

That's all for today , tomorrow's post should be a bit more elaborate , especially if we get the move im expecting , so see you all then 👀.

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